Figure 3
The horizontal axis shows time from 2019 to 2022, divided into quarterly periods labeled 1st, 2nd, 3rd, and 4th for each year. The vertical axis is labeled Coefficient of variation and ranges from negative 2.5 to 0.5 in increments of 0.5. A legend below the chart lists multiple series labeled “Delta Co V a R 1”, “Delta Co V a R 14”, “Delta Co V a R 20”, “Delta Co V a R 23”, “Delta Co V a R 29”, “Delta Co V a R 5”, “Delta Co V a R 8”, “Delta Co V a R 28”, “Delta Co V a R 16”, “Delta Co V a R 21”, “Delta Co V a R 24”, “Delta Co V a R 26”, “Delta Co V a R 27”, “Delta Co V a R 9”, “Delta Co V a R 13”, “Delta Co V a R 18”, “Delta Co V a R 22”, “Delta Co V a R 2”, “Delta Co V a R 3”, “Delta Co V a R 7”, and “Delta Co V a R 11”, each represented by different solid lines. Across the graph, most series begin slightly below zero in the 1st quarter of 2019, followed by a sharp decline in the 2nd quarter of 2019, where several lines reach values between negative 1.5 and negative 2.0. The lines then rebound close to zero in the 3rd quarter of 2019. During 2020, the series fluctuate in a zigzag pattern, generally ranging between negative 1.5 and negative 0.2. A pronounced drop occurs again in the 1st quarter of 2021, where several lines reach approximately negative 2.3 to negative 2.4, followed by a rebound toward zero in the 2nd quarter of 2021. In later quarters of 2021 and into 2022, the lines fluctuate moderately, typically between negative 1.2 and negative 0.2. Note: All numerical values are approximated.Comparison of banks' dynamic systemic risk. Source: Authors’ calculation